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The key difference between the law of diminishing returns and decreasing returns to scale is that the. former is in the short run, where at least one factor of production is ï¬xed, whilst the latter is in the long. run, where all factors of production/ inputs can be varied. As seen on the diagram below, long run.
The law of diminishing returns is a fundamental principle of economics.[1] It plays a central role in production theory. The theory of diminishing return states that in a certain system of production, after some level the increase in the variable input does not result in additional increase in the output.